HomeEquities ScoreHere is why ImmunityBio Inc. (IBRX) stock soared in the after-hours on...

Here is why ImmunityBio Inc. (IBRX) stock soared in the after-hours on Tuesday?

ImmunityBio Inc. (IBRX) shares soared 11.47% in after-hours on Tuesday, January 18, 2022, and closed at $6.90. However, in the regular trading sessions of Tuesday, IBRX’s stock lost 7.20%. IBRX shares have fallen 66.25% over the last 12 months, and they have moved up 0.81% in the past week. Over the past three months, the stock has lost 30.68%, while over the past six months, it has declined 45.65%.

Let’s have a brief look at its latest news.


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IBRX Phase 2 Metastatic Pancreatic results

On January 18, 2022, ImmunityBio, Inc. (IBRX), announced interim results in its metastatic pancreatic cancer trial (QUILT 88).

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The results showed that the overall survival rate for patients doubled compared to a historical survival rate of three months after two prior lines of therapy (Manax ASCO GI 2019). Based on these findings, ImmunityBio plans to meet with the FDA in 2022 to discuss the path for the approval of combination therapies for pancreatic cancer.

ImmunityBio presented the results at the American Society of Clinical Oncology Gastrointestinal conference, which was held virtually recently.

IBRX expanded its manufacturing facility

On January 12, 2022, ImmunityBio, Inc. (IBRX) entered into a definitive agreement to acquire a leasehold interest in 409,000 square feet of ISO Class 5 pharmaceutical manufacturing space in western New York and certain related assets, from global pharmaceutical company Athenex, Inc. The agreement will expand the ImmunityBio manufacturing facility which is required to expand its footprints in the U.S., South Africa, and Botswana.

U.S patent for NK cell therapy

On January 04, 2022, ImmunityBio, Inc. (IBRX), was granted a U.S. patent (11,207,350 B2) for a novel natural killer (NK) cell therapy composition and method for treating cancer that combines the company’s genetically modified NK-92 cells with CD16 receptors to enhance binding and activity of monoclonal antibodies.

ImmunityBio’s NK-92 cells are specifically modified versions of the NK cells that are a core element of the human immune system. These cells retain most of the activating receptors of NK cells but lack the major inhibitory receptors, giving them higher baseline cytotoxicity against tumor cells.

IBRX and Amyris joint venture

On January 3, 2022, Amyris, Inc. (AMRS), and ImmunityBio (IBRX) completed a previously announced joint venture agreement to accelerate the commercialization of a leading next-generation COVID-19 vaccine.

Upon completion of successful human trials and regulatory approval, the joint venture’s goal is to start delivering the second-generation vaccine in 2022 as soon as is practically possible.

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Conclusion

The recent positive phase 2 metastatic pancreatic results were the reason behind its turnaround in the after-hours on Tuesday and it can continue to shine on Wednesday as well.

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